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Arabian Business
23-06-2025
- Business
- Arabian Business
Indian Aces 2025: How 25 Family Dynasties are reshaping the Gulf's $2bn business landscape
From a single grocery store to a 50-outlet GCC empire. From trading electronics in Deira to commanding billion-dollar conglomerates across continents. These are stories of 25 Indian Family Dynasties, representing more than succession stories – they embody the Gulf's economic transformation over five decades, with combined operations spanning 101 countries and employing over 100,000 people. The 25 leaders recognised in this category represent enterprises that span three generations, collectively employing hundreds of thousands across sectors from healthcare to retail, hospitality to logistics. Family Dynasties: Where legacy meets revolution The Family Dynasties category of Indian Aces 2025 tells a story that runs deeper than succession. It's about businesses that began as trading posts and textile shops, now commanding billions in revenue across continents. But what makes this year's 25 standout isn't just their scale. It's how they've turned inheritance into innovation. Take Dino Varkey at GEMS Education. Third-generation leadership of a business that started nearly 60 years ago. But under his direction, GEMS isn't just running schools – it's shaping global education policy. Varkey sits on World Economic Forum councils, speaks at international summits, and drives conversations about the future of learning. This isn't traditional family business management. It's influence that transcends sectors. The numbers tell part of the story. Feroz Allana's IFFCO Group: $8 billion in revenue, operations in 50 countries, 15,000 employees from 67 nationalities. Shamlal Ahamed's Malabar Gold & Diamonds: 200 outlets across 13 countries, $7.5 billion annual turnover. These aren't family shops that got bigger. They're global enterprises that happen to be family-owned. But scale alone doesn't explain their recognition. What matters is how they're redefining what family business means in the modern Gulf. Selina Ved, second-generation at Apparel Group, didn't just join the family firm. She built from scratch, integrating AI tools and creator content to capture changing consumer behaviour. Her platform recorded 300 per cent growth in a year. This isn't about preserving tradition. It's about using family resources to build something new. The same pattern appears across sectors. Adel Sajan at Danube Group took a building materials business and turned it into a lifestyle brand, launching e-commerce platforms and virtual design tools during the pandemic. Online sales grew several-fold. Rohan Mehta at Petrochem Middle East is pursuing executive education at Harvard whilst driving digital transformation in petrochemical distribution. What's striking is the educational foundation. These leaders combine family business experience with formal credentials. Winchester College and University of Sheffield for Varkey. Harvard Business School for multiple members. Northeastern University for Mehta. Georgetown for Rahul Jagtiani. This isn't about learning the trade from the ground up anymore. It's about bringing external expertise into family enterprises. The geographic expansion matters too. Businesses that started in single cities now operate across multiple continents. Tony Jashanmal's retail empire spans from Kuwait to India. Rajen Kilachand's Dodsal Group operates in 22 countries. Anil Ramchandani's Kachins Group has moved from Dubai tailoring into West African markets. These leaders aren't just inheriting local businesses. They're building international platforms. Technology integration is reshaping traditional industries. Mahesh Shahdadpuri at TASC Outsourcing is exploring artificial intelligence applications including early forms of artificial general intelligence. Vidya Chhabria at Jumbo Electronics has built omnichannel retail platforms. Girish Narayanan at Granteq introduced video conferencing technology to the UAE before it became standard business practice. The philanthropy component runs deeper than corporate social responsibility. Rajen Kilachand has donated over $200 million in 15 years, funding institutions at Boston University and supporting global charities. Lekhu Pagarani's Choithrams operates through a foundation that partners with Médecins Sans Frontières and the UN World Food Programme. This isn't about giving back. It's about building parallel institutions. Healthcare representation is particularly strong. Akbar Moideen Thumbay oversees operations treating patients from 175 countries through seven academic hospitals. Zunubia Shams leads Zulekha Healthcare Group across the UAE and India, driving community health initiatives including cervical cancer prevention programmes. These aren't just family businesses in healthcare. They are healthcare systems. The retail presence spans from traditional formats to digital platforms. Choithrams operates 70 locations across the GCC. Landmark Group runs 2,200 outlets in 17 countries with 50,000 employees. But alongside these established players, leaders like Selina Ved are building digital-first beauty platforms that carry 14,000 products from 250 brands. What emerges from this year's Family Dynasties category is a group that's rewritten the rules of succession. They haven't just inherited businesses. They've inherited platforms and used them to build influence that extends far beyond their original sectors. Educational policy. International trade. Healthcare systems. Digital commerce. Philanthropic institutions. The old model of family business – learning from elders, maintaining traditions, growing gradually – has been replaced by something more dynamic. These leaders combine family resources with global education, traditional values with technological innovation, local roots with international expansion. This isn't about preserving legacy anymore. It's about using legacy as a foundation for transformation. And that transformation is reshaping not just their businesses, but the broader economic landscape of the Gulf region. RANK NAME DESIGNATION COMPANY 1 Dino Varkey Group CEO GEMS Education 2 Rahul Jagtiani Group Director Landmark Group 3 Shamlal Ahamed Managing Director of International Operations Malabar Gold & Diamonds 4 Adel Sajan Managing Director Danube Group 5 Dr. Dhananjay Datar Chairman and Managing Director Al Adil Group 6 Feroz Allana Director – IFFCO Allana Group 7 Tony Jashanmal Group President Jashanmal Group 8 Aarti Jagtiani Director Landmark Group 9 Lekhu Thakurdas Pagarani Chairman Choithrams 10 Ravi Menon Chairman Sobha Group 11 Abdulla Ajmal CEO Ajmal Group 12 Ramesh S. Ramakrishnan Chairman Transworld Group of Companies 13 Raju Shroff Chairman Regal Group of Companies 14 Rohan Mehta Managing Director Petrochem Middle East 15 Vidya Chhabria Chairperson Jumbo Electronics 16 Akbar Moideen Thumbay Vice President – Healthcare Division Thumbay Group 17 Selina Ved Co-founder and Director GCC Nysaa (JV with Apparel Group) 18 Girish Narayanan Managing Director Granteq 19 Rajen Khilachand Chairman and President Dodsal Group 20 Mahesh Shahdadpuri Director NIKAI 21 Hashim Vahedna Director and Vice President Vahedna Group of Companies 22 Prashant Goenka Director Emami 23 Anil Ramchandani Director of Business The Kachins Group 24 Zanubia Shams Co-chairperson Zulekha Healthcare Group 25 Rahul Shetty Managing Director Peninsula Hospitality
Zawya
02-06-2025
- Business
- Zawya
GEMS Education secures strategic investment from Bank Muscat's Izdihar Real Estate Fund for flagship GEMS School of Research and Innovation
Dubai, UAE: GEMS Education is pleased to announce that the Izdihar Real Estate Fund, managed by Bank Muscat, the leading financial services provider in the Sultanate of Oman, will invest in the real estate of GEMS' upcoming flagship British curriculum school, GEMS School of Research and Innovation in Dubai Sports City. Scheduled to open in August 2025, the state-of-the-art campus is being developed at a cost of USD 100 million. Strategically located in the heart of premium residential communities, the school has already seen strong early enrolments, reflecting continued robust demand for quality education in Dubai. The school brings together world-class teachers, the latest AI technologies, and unmatched facilities to reimagine education. 'We are delighted to welcome Bank Muscat's Izdihar Real Estate Fund as a strategic partner in this landmark project,' said Dino Varkey, Group Chief Executive Officer, GEMS Education. 'Their investment underlines the strength of our education platform, our continued focus on high-quality infrastructure, and our confidence in Dubai as a leading global education hub.' Khalifa Abdullah Al Hatmi, Deputy General Manager, Investment Banking and Capital Markets, Bank Muscat, said: 'We are pleased to partner with GEMS Education, a recognised leader in private education, through this investment in GEMS School of Research and Innovation, Dubai. 'This investment through our Izdihar Fund aligns with our long-term strategy of supporting essential community infrastructure and generating sustainable value for our investors. Education remains a resilient and essential asset class, and we are pleased to contribute to a project that will serve generations of students.' Ovais Chhotani, Chief Financial officer, GEMS education, said: 'Our partnership with Bank Muscat reflects a growing institutional interest in the education sector. This investment reinforces GEMS Education's commitment to expanding its network of world-class learning environments in the region and continuing our long history of investing in state-of-the-art facilities offering innovative and immersive learning experiences for our students.' CoReal Partners acted as the M&A advisor, while Eversheds Sutherland led the legal negotiations on behalf of GEMS Education. Baker McKenzie advised Bank Muscat on the transaction. About GEMS Education GEMS Education is one of the oldest and largest K-12 private education providers in the world and a trusted and highly regarded choice for quality education in the Middle East and North Africa region. As a company founded in the UAE in 1959, it holds an unparalleled track record of providing diverse curricula and educational choices to all socio-economic means. Having started with a single school run from a private home in Dubai, GEMS remains a family business to this day. Its inspiring Founder, Sunny Varkey, and his son, Dino Varkey, who is Group Chief Executive Officer, are responsible for providing vision, insight, and strategy across the organisation. Every day, GEMS has the privilege of educating students from over 176 countries through its owned and managed schools globally. And through its growing network, as well as charitable contributions, it is fulfilling the GEMS vision of putting a quality education within the reach of every learner. Every year, students graduating from GEMS schools progress to the world's best universities. Over the past five years, GEMS students have been accepted into over 1,050 universities in 53 countries including all eight Ivy League universities in the US and all 24 Russell Group universities and colleges in the UK. About Bank Muscat and the Izdihar Real Estate Fund Established in 1982, Bank Muscat is the Sultanate of Oman's leading financial institution, offering a broad spectrum of services across corporate banking, retail banking, investment banking, treasury, private banking and asset management. The Bank, with assets of more than USD 36 billion in 2025, has the largest network in Oman, exceeding 190 branches distributed across various governorates. Izdihar Real Estate Fund is the first and among the largest real estate investment trust (REIT) type of fund established in Oman and regulated by the Financial Services Authority. It was set up in December 2015, with the objective to generate sustainable and attractive long term returns to investors. The Fund manages assets under management (AUM) worth more than USD 230 million, with a strong track record of generating returns to investors since its inception.
Zawya
20-05-2025
- Business
- Zawya
GEMS Education to lead the future of AI in schools supported by Microsoft
Bespoke AI agents, fluency programmes, and curriculum integration underway 5,000+ students and educators already trained in real-world AI application DUBAI, UAE: GEMS Education is rolling out custom-built AI agents across classrooms, embedding AI skills into all major curricula, and expanding staff and student training programmes as part of its evolving collaboration with Microsoft. In line with the UAE's bold course to embed AI into its national school curriculum, GEMS' latest move means practical tools and AI fluency are now reaching every school in its network to deliver a transformative AI-powered learning experience for all students. GEMS first announced its pioneering initiative to train students, teachers, and school leaders in AI in July 2024. Today, that collaboration with Microsoft has matured into a system-wide strategy – one that positions GEMS not merely as a participant in the AI revolution, but as a driving force in shaping what AI-powered education can, and should, look like. Dino Varkey, Group Chief Executive Officer, GEMS Education, said: 'Our partnership with Microsoft positions us at the forefront of AI-powered learning. We recognise that technology is no longer an accessory to education – it is the force reshaping it. That's why we are unwavering in our mission to empower every educator and student with the tools, knowledge, and mindset needed to thrive in a world driven by AI. 'Through advanced training, enriched curricula, and purposeful innovation, we are preparing our learners not just to participate in the future, but to define it. Our vision is to harness the full potential of AI to transform education, unlock opportunity, and inspire the next generation of creators, leaders, and changemakers.' Real-World Impact GEMS and Microsoft are working in lockstep to integrate AI across the teaching, learning, and leadership spectrum. The collaboration includes: Expanded access to Microsoft AI platforms across GEMS schools Ongoing collaboration on the development of AI-powered learning agents and content Leadership training using Microsoft Copilot to streamline workflows and drive strategic decisions Structured AI fluency programmes for all teachers, support staff, and students aged 13+ Use of Microsoft Copilot by school leaders to automate admin and focus on pedagogy AI concepts woven into British, IB, American, and Indian curricula, with a focus on creativity, ethics, and problem-solving Naim Yazbeck, General Manager of Microsoft UAE, stated: 'At Microsoft, we aim to responsibly leverage AI to enhance education and support the country's leadership in equipping students with relevant skills, evident in the government's recent announcement on introducing AI skills into the national curriculum. 'In collaboration with GEMS Education, we are establishing a new benchmark in AI-driven education and preparing the next generation for a rapidly changing world, while ensuring high standards of security and data protection.' Lisa Crausby, Group Chief Education Officer, GEMS Education, said: 'We are setting a new standard in AI integration by embedding AI fluency across all subjects, with a strong emphasis on transferable skills, ethical use, and cultural relevance, including advancing AI education in Arabic. Our comprehensive AI training programme equips teaching staff and students with the fluency and competency needed to thrive in a rapidly evolving world. 'Through the leadership of our AI Excellence Fellows, we are not only innovating in teaching and learning but also redefining assessment strategies to better support student mastery and personalised progress. This commitment ensures our pedagogical practices remain ahead of the curve and truly distinguish GEMS as a pioneer in future-focused, inclusive education.' Bespoke AI Tools for the Classroom GEMS is developing custom AI agents to support differentiated instruction, formative assessment, and lesson planning. Early pilots are running across selected schools, with phased rollout beginning in the 2025-26 academic year. AI agents will be embedded into subject-specific tools, co-developed with Microsoft's education specialists. Inclusive AI Tools To ensure all learners benefit from AI, GEMS is leading the development of Arabic-language AI tools. Projects include AI-assisted Arabic translation, content creation, and Minecraft-based language modules, with cultural relevance and linguistic inclusivity central to the programme's design. Scaling AI Skills Across the Ecosystem The Microsoft AI Skills Initiative is now embedded across the GEMS network. More than 5,000 students and staff have already begun their training, with plans in place to extend access to families and the wider GEMS community in the future. In addition, GEMS is exploring and integrating transferable knowledge of AI fluency across all year groups to enable even the youngest learners to acquire AI-related skills. GEMS School of Research and Innovation (SRI) Opening in August 2025, the flagship GEMS School of Research and Innovation will be a living lab for education innovation. The state-of-the-art campus will be home to AI/XR immersive learning spaces and student-led tech incubation. It will host research partnerships, educator training hubs, and a full-stack digital ecosystem built with Microsoft. Baz Nijjar, Vice President – Education Technology and Digital Innovation, GEMS Education, said: 'We are proud to lead the way in redefining education through responsible and innovative AI integration. As market leaders for innovation in education, we're embedding AI fluency across all our schools – not just as a technical skill, but as a foundation for ethical, purposeful learning. 'We are developing bespoke AI agents to enhance curriculum delivery, personalise assessment, and support every learner, while ensuring students continue to build essential human qualities such as empathy, critical thinking, creativity, and collaboration. SRI will exemplify this balanced vision, bringing together world-class teaching, cutting-edge facilities, and student-led innovation to set new standards in AI-driven, values-based education.' GEMS and Microsoft are now advancing into the next phase of their collaboration, with planned innovations including: A dedicated AI and Emerging Technologies curriculum Scaled use of AI agents across classrooms and subjects Joint innovation projects with universities, startups, and industry leaders AI Ethics and Safety resources for students, parents, and educators About GEMS Education GEMS Education is one of the oldest and largest K-12 private education providers in the world and a trusted and highly regarded choice for quality education in the Middle East and North Africa region. As a company founded in the UAE in 1959, it holds an unparalleled track record of providing diverse curricula and educational choices to all socio-economic means. Having started with a single school run from a private home in Dubai, GEMS remains a family business to this day. Its inspiring Founder, Sunny Varkey, and his son, Dino Varkey, who is Group Chief Executive Officer, are responsible for providing vision, insight, and strategy across the organisation. Every day, GEMS has the privilege of educating students from over 176 countries through its owned and managed schools globally. And through its growing network, as well as charitable contributions, it is fulfilling the GEMS vision of putting a quality education within the reach of every learner. Every year, students graduating from GEMS schools progress to the world's best universities. Over the past five years, GEMS students have been accepted into over 1,050 universities in 53 countries including all eight Ivy League universities in the US and all 24 Russell Group universities and colleges in the UK. For further information about GEMS Education, visit or contact: Leen Haffar, Senior Account Executive, Four
Arabian Business
12-03-2025
- Business
- Arabian Business
GEMS Education signs UAE's largest school-based solar energy agreement
GEMS Education has announced a landmark renewable energy agreement with decarbonisation provider Positive Zero, marking the largest solar power initiative in the UAE education sector to date. The deal covers the design, engineering, installation, and maintenance of solar energy systems across 23 GEMS schools in Dubai. GEMS leads sustainability drive The extensive solar project will include rooftop, carport, and bus parking installations, collectively delivering a capacity of nearly 12.7 MWp. The system is expected to generate 21.25 GWh of electricity annually – equivalent to powering 2,000 homes per year. The initiative aligns with the UAE's Net Zero 2050 Strategy and will significantly reduce the educational institutions' carbon footprint. Projections indicate that the project will mitigate 14,276 metric tonnes of carbon emissions annually, which is comparable to removing 3,300 cars from the roads or cultivating nearly six million trees over the system's lifespan. Dino Varkey, Group Chief Executive Officer of GEMS said, 'This landmark agreement with Positive Zero not only underscores our commitment to reducing our carbon footprint but also aligns with our vision of integrating renewable energy at scale. By harnessing solar power, we are contributing to the UAE's Net Zero 2050 Strategy while also instilling a sense of environmental responsibility in our students.' As part of the agreement, Positive Zero will provide financing through long-term leasing, ensuring no upfront investment is required from GEMS Education. David Auriau, Chief Executive Officer of Positive Zero said, 'This bold and impressive commitment positions GEMS Education as a true leader in sustainability within the UAE's education sector, and we are proud to be empowering their energy transition.' The project also plays a crucial role in GEMS Education's broader ESG and sustainability strategy. According to Ovais Chhotani, Chief Financial Officer of GEMS Education, 'This milestone is just the beginning of our broader sustainability journey focused on reducing our environmental impact and promoting a greener future for all.' The school operator has embedded climate literacy into its curriculum, with initiatives including the accreditation of United Nations Climate Change Teachers in classrooms, student-led COP-style events, and sustainability-focused academic programs. Yohaan Cama, Senior Manager – ESG at GEMS Education, described the agreement as 'a new benchmark for sustainability in education,' reinforcing the UAE's clean energy transition goals. Laurent Longuet, CEO of Positive Zero's distributed generation business, SirajPower, added, 'We must commend GEMS Education on committing to a more sustainable agenda for their schools and paving the way for the next generation to witness first-hand how distributed solar power can reduce greenhouse gas emissions.' The solar installations at the selected 23 Dubai schools are set to be commissioned and completed by early 2026, furthering GEMS Education's mission to lead sustainability efforts in the UAE education sector.
Gulf Business
12-03-2025
- Business
- Gulf Business
GEMS to power up 23 Dubai schools with massive solar installations
L-R Dino Varkey, Group CEO GEMS Education, Mohammed Abdulghaffar Hussain, Chairman of Positive Zero, David Auriau, CEO of Positive Zero.-Supplied photo GEMS Education and Positive Zero have signed the largest renewable energy deal in the UAE education sector to date. The deal covers the design, engineering, installation, and maintenance of solar rooftops, carports, and bus parking across 23 GEMS schools in Dubai. Read- The recently installed solar systems will collectively boast a capacity nearing 12.7 MWp, generating 21.25 GWh of electricity annually—enough to power 2,000 homes for a full year. Impact of the initiative This particular initiative is expected to reduce 14,276 metric tonnes of carbon emissions per year, equivalent to taking 3,300 cars off the road. Over the project's lifespan, this reduction would equate to the environmental benefits of cultivating nearly 6 million trees. 'GEMS Education is proud to lead the way in terms of sustainability within the UAE's education sector. This landmark agreement with Positive Zero not only underscores our commitment to reducing our carbon footprint but also aligns with our vision of integrating renewable energy at scale,' Dino Varkey, Group Chief Executive Officer of GEMS Education, said, reflecting on the benefits of the deal. He further accentuated this by stating that the education group is contributing to the UAE's Net Zero 2050 Strategy by harnessing solar power and is also instilling a sense of environmental responsibility in students, who are the leaders of tomorrow. The teaching of climate literacy has long been emphasised in GEMS schools, and it is through this agreement that those teachings can be translated into actions for the students. This particular partnership is in complete alignment with the UAE's Net Zero 2050 Strategy, intended to drive the country's transition towards net-zero emissions. 'At the core of our partnership with GEMS Education is a shared commitment to sustainability. GEMS Education is taking tangible steps in this direction with the decarbonisation of its operations through our solutions, in addition to integrating climate literacy across people development, curricula, and student initiatives,' David Auriau, Chief Executive Officer of Positive Zero, said. How GEMS education furthers sustainability GEMS Education has substantially helped in reducing greenhouse gas emissions across its schools as well as other operations, by placing the harnessing of solar energy as an integral part of its ESG (Environmental, Social and Governance) and sustainability strategy. 'This milestone is just the beginning of our broader sustainability journey focused on reducing our environmental impact and promoting a greener future for all. It builds on our ongoing initiatives as we continue pushing boundaries to drive meaningful change and create a lasting impact. It stands as a testament to our dedication to a greener, more sustainable future,' Ovais Chhotani, Chief Financial Officer of GEMS Education, reiterated, emphasising the advantages of the agreement. Each of GEMS' 23 schools selected for this initiative will progress towards commissioning and completion, expected at the beginning of 2026. GEMS Education has embedded climate literacy in the curriculum of its schools, furthering the mandate of sustainability even more. This includes the mission of having a United Nations-accredited Climate Change Teacher in every classroom, as well as longstanding programmes of student-led and educator-led sustainability initiatives. Not only is the education group driving sustainability at the levels of students' education but also at the corporate level and within the wider community through student-led COP-style events, debates, energy efficiency, waste management, water conservation initiatives, and much more. This latest agreement builds on GEMS' collaboration with Positive Zero and its distributed generation business, SirajPower, which previously provided GEMS with an EPC (Engineering, Procurement, and Construction) contract for a solar project at the net-zero-energy GEMS Founders School – Masdar City in Abu Dhabi.
